Get Money Out. 10 Biggest Banks Could Lose $185 Billion In Deposits Next Year As Customers Move Their Money. Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress. The Federal Reserve and the big banks fought for more than two years to keep details of the largest bailout in U.S. history a secret. Now, the rest of the world can see what it was missing. The Fed didn’t tell anyone which banks were in trouble so deep they required a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars in emergency loans at the same time they were assuring investors their firms were healthy. And no one calculated until now that banks reaped an estimated $13 billion of income by taking advantage of the Fed’s below-market rates, Bloomberg Markets magazine reports in its January issue. Saved by the bailout, bankers lobbied against government regulations, a job made easier by the Fed, which never disclosed the details of the rescue to lawmakers even as Congress doled out more money and debated new rules aimed at preventing the next collapse.
‘Change Their Votes’ The Fed, headed by Chairman Ben S. To Eric Holder: A Simple Way To Prosecute Bank Crimes. Rep. Bob Filner (D-CA) Shahien Nasiripour has a great scoop in the FT – bank regulators have uncovered up to 5000 military families who were foreclosed on illegally by mortgage servicers. Foreclosures on active duty troops is usually a big no-no, for a lot of reasons – for instance, when your credit rating is damaged by a foreclosure, it can impact your national security clearance. In addition, there’s enormous stress that the soldier goes through when his or her family is facing a threat of eviction, and it’s the kind of stress that makes him or her less equipped to be ready in a warzone. Congressman Bob Filner has even accused banks of “homicide” against American troops, blaming the banks for suicides resulting from the increased stress brought on by aggressive debt collection techniques.
There have been laws to protect troops from unscrupulous lending practices going all the way back to the First World War. Banks admit this. . (1) MISDEMEANOR. Note the use of the word “alleged.” Move Your Money Project. Oregon, U.S. Bank Agree To Eliminate Some Bank Fees For The Unemployed. After nearly a month of negotiations, Oregon has reached an agreement with U.S. Bank to eliminate many of the fees the bank charges people to access their unemployment benefits. "The changes we have negotiated will benefit Oregon card users and taxpayers," said Oregon State Treasurer Ted Wheeler in a statement released Tuesday. "I want to thank U.S. Bank for listening to the needs of Oregonians and for their commitment to making the program even better for all involved. " Oregon is one of 41 states that have entered into contracts with some of the nation's biggest banks to provide access to unemployment benefits on prepaid debit cards. States say the prepaid debit cards save millions on check printing and mailing costs, and help people who don't have bank accounts to avoid check-cashing fees.
The precise schedule of fees -- what U.S. Additionally, due to a change in federal law last year requiring customers to opt into overdraft programs offered by banks, the state asked U.S. Which Bank Is the Worst for America? 5 Behemoths That Hold Our Political System Hostage. October 19, 2011 | Like this article? Join our email list: Stay up to date with the latest headlines via email. The economic crash led to the loss of 9 million jobs and the biggest drop in American home-ownership since the Great Depression. The giant mortgage bubble and the irresponsible and corrupt practices that caused the catastrophic economic crash didn't emerge out of thin air.
Many of these checks and balances were implemented during the Great Depression. Big Finance has a long history of working hard to deregulate the American economic system on behalf of global capitalism run amok. The first victory in the quest to overturn this major protection came in 1986. The following year, after 12 unsuccessful attempts, Glass-Steagall, which would have made the crash of 2007-2009 impossible, was finally repealed.
The Glass-Steagall act was killed by financial interests seeking to maximize deregulation. Some Californians switching from banks to local credit unions. FRESNO, Calif — Fed up with rising fees, frustrated customers of national banks are closing their accounts. They're turning instead to community banks and credit unions, which are taking advantage of the rising tide of consumer unrest. A growing grass-roots campaign culminates Saturday with "Bank Transfer Day," when people nationwide are encouraged to switch to credit unions. Valley credit unions and community banks are already seeing a boost in customers. Educational Employees Credit Union said it had a 60% increase in new accounts throughout the Central Valley in October compared to the same month last year.
The statewide Golden 1 Credit Union had a 40% bump in new accounts in October compared to its monthly average, and the number of online applications for new accounts doubled. The head of Fresno-based United Security Bank said deposits are growing by the millions each week, a sign that new customers are transferring their money to the bank. Read the complete story at fresnobee.com.